Riverwards Group Secures $35.8 Million Loan For Somerset Phase II Development In Philadelphia

The property asset involved in this transaction is a development site located at 2202 East Somerset Street, Philadelphia, PA. It is a 146,158-square-foot project designated for multifamily development, specifically the 170-unit Somerset Phase II project. Riverwards Group secured construction financing totaling $35.8 million to facilitate this development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $35,800,000
• Lender: Silver Heights Capital & Nuveen Green Capital
• Landlord: Riverwards Group, Mo Rushdy - Riverwards Group
• Brokers: Jack Cortese & David Frankel - D2 Capital Advisors
• Loan Type: Construction
• Completion Date: Early 2028
• Senior Loan Amount: $19,900,000
• C-PACE Debt Amount: $15,900,000
• Sponsor Equity Contribution: $10,000,000

The key individuals involved in this transaction include Mo Rushdy representing Riverwards Group, who is the landlord. The brokerage team consists of Jack Cortese and David Frankel from D2 Capital Advisors, who facilitated the deal. The financing structure includes a combination of a senior loan and C-PACE debt to support the development objectives established by Riverwards Group.